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International Experiences with Different Monetary Policy Regimes

Listed author(s):
  • Frederic S. Mishkin

This paper examines the international experiences with four basic types of monetary policy regimes: 1) exchange-rate targeting, 2) monetary targeting, 3) inflation targeting, and 4) monetary policy with an implicit but not an explicit nominal anchor. The basic theme that emerges from this analysis is that transparency and accountability are crucial to constraining discretionary monetary policy so that it produces desirable long-run outcomes. Because the devil is in the details in achieving transparency and accountability, what strategy will work best in a country depends on its political, cultural and economic institutions and its past history.

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File URL: http://www.nber.org/papers/w6965.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6965.

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Date of creation: Feb 1999
Publication status: published as Journal of Monetary Economics, Vol. 43, no. 3 (June 1999): 579-605.
Handle: RePEc:nbr:nberwo:6965
Note: ME EFG
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National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.

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